Insurers, the US national insurance crime bureau, and ISO, a provider of property and liability risk information, have joined together to implement data initiatives to help mitigate the impact of fraud on the US insurance industry and consumers.
The initiatives are designed to improve data collection, data sharing and data analytics for fighting fraud though the services of ISO’s ClaimSearch all-claims database and system.
Fraud is a huge problem, costing the insurance industry over $30 billion a year, and these initiatives will help the industry to better combat it, commented Ms Hood, chairperson of an industry fraud data working group, at the 2007 Insurance Fraud Management Conference in Phoenix, Arizona.
The initiatives will enable ISO’s all-claims database to be leveraged as the principal, central repository for claims and fraud data. According to Ms Hood, the specific initiatives will provide more actionable information for special investigations units and NICB investigators to improve their ability to identify fraudulent claims.
Under the program, ISO will work through 2007 with insurers and the NICB to implement the eight initiatives, which include enhancements such as revising reporting formats both to and from ISO, adding more optional data fields to the ISO database, changing the process for submitting questionable claims through ISO ClaimSearch to the NICB, and creating the ability to extract and sort data.
Richard Boehning, senior vice president of ISO, said: The initiatives will also promote best practices and protocols for insurers’ timely and accurate submission of fraud-related data.
ISO staff will work closely with individual ISO ClaimSearch participants to ensure that they are aware of system enhancements and are informed of how to extract full value from improved system resources. ISO will also release regular communications to ISO ClaimSearch users and the industry overall as initiatives are completed during the coming months.